As a result of the merger each outstanding shareholder of American Realty Capital III common stock can choose to receive $12 per share in cash or 0.95 shares of American Realty Capital Properties Inc., which trades under the ticker symbol ARCP.

In a statement, investors who owned about 15.5% of the non-traded REIT’s common stock have indicated they will chose cash in a transaction expected to be completed on February 28, 2013.